No. 1 Car Loans - The Type of Car You Choose Affects your LoanWhen thinking of getting car loans, remember that the loan amount depends directly on the price of the car that you choose to buy.There are many factors affecting the price of a vehicle so why don't you shop around first? Start searching online and visiting and talking to car dealers; you can also start reading car consumer magazines.Most of the time, vehicle consumer magazines group cars into categories, provide frequency-of-repair information, and list down car prices.

No. 2 Auto Loans - How Much You Can You AffordThe auto loan amount you wish to get should depend on your monthly net pay.If your loan exceeds 10 to 12 percent of your monthly net pay then you should consider leasing a car instead of taking out a loan on a car. Further, you should take out a loan for the shortest possible period (get a 24-month loan as opposed to one that stretches for 48 months) and make a large down payment while borrowing the lowest amount possible.This will reduce the overall cost of the loan.

No. 3 Getting an Auto Loan - Knowing ALL The NumbersWhen thinking of getting an auto loan, it is important to know how much you are paying, when you are paying, how you are paying, and exactly what you are paying for. Knowing your numbers is an integral part of buying a car.Very low interest rates are sometimes offered by dealers but they won't lower the price of the car. It is often better to pay higher financing on a car that cost less or buy a vehicle with a low down payment.

No. 4 Auto Loans - Signing on the Dotted LineAuto loans are just like any other contract - the small print should also be real.You should always be sure to read and understand every word of the car loan contract before you sign it.Make sure to read and reread everything that is written and do not leave anything blank. If you have discussed (and agreed) something with the car dealer, broker or loan officer, make sure this is mentioned in the loan papers.If possible, have it initialed by both you and the car dealer before, broker or loan agent.

No. 5 Auto Loans - Sources of InformationThere are many different sources for information when it comes to auto loans and their costs and rates.Some of these sources include banks, savings and loans institutions, credit unions, and national lenders.It would help to compare national sources to local sources when it comes to financing. The annual percentage rate (APR) should be compared as well as other costs associated with the loan such as loan insurance and loan processing costs. It won't hurt to inform other lenders what other loan sources have to offer so they can also give you the best deal.

No. 6 Auto Loans - Of Early Payments and PenaltiesBefore you sign that auto loan contract, make sure that it gives you the option to make early payments.It is also wise to make sure that the contract states that payments will be applied on the loan principle and that if you pay off the loan early, you will not be penalized nor will it entail any extra costs to you. Do not be sweet-talked to by the lender into agreeing to a small fee for early payments.If he does not agree, shop for another lender.

No. 7 Bad Credit Auto Loan - No More WorriesIf you fear that you have poor credit, bad credit or no credit history at all, don't worry, you can still get the car that you like through a bad credit auto loan. These loans are offered by many lenders today to cater to people with bad credit. This opportunity, however, does not come free.A higher interest rate will be applied because you are considered a 'high risk' by the lender. Still, as cars are really more necessities than items of luxury, a bad credit car loan may not be bad at all.

No. 8 Bad Credit Auto Loans and Interest RatesBad credit auto loans were designed for people with poor credit, bad credit or no credit history at all.For this opportunity, a lender will apply a higher annual percentage rate or APR. How high should you go with these rates?Although you can concede that you won't get the best interest rates because of your bad credit rate, you should also not be duped by lenders into getting loans with absurd interest rates. A quick search online will tell you what the industry average use; use this as your barometer.

No. 9 Bad Credit Auto Loan - Improve your Credit ScoreThere are many lenders out there that cater to bad credit holders so you need not worry that you will not get a bad credit auto loan at all.However, note that your credit score determines the car loan's interest rates so it is in your best interest to see if you can improve this before getting a car loan.A first step is to get a copy of your credit report, then scrutinize it and report any errors that may have been listed and are now pulling your credit score down.

No. 11 Bad Credit Auto Loan - Take Advantage of ThemA bad credit auto loan may be bad for you IF you do not do your research well.Still, there are many lenders out there who actually offer decent deals even if you do have a bad credit score.So, if you cannot wait to have a car because you really need it for work, shop around and find the best bad credit auto loan lender. If the deal is good then go for it.

No. 12 Auto Loans - It's the Car that CountsBefore applying for auto loans, it is important that you know what kind of car is suitable for your specific needs. You should never settle for a car that does not meet your need because of dealer or manufacturer incentives being offered to you.Sometimes, extremely low APR financing is offered by dealers or manufacturers on cars that they cannot sell. Knowing what kind of car you need is also another way of avoiding influences of sales pitches or impulse buying.

No. 13 Auto Loans and Credit ReportsIt is important to have a copy of your credit report ready before you go and apply for auto loans.A credit report is one of the first things that a lender will ask to see. Your credit history is important as it is what lenders will use to determine whether they will approve your loan or not. Make sure to correct any mistakes in the credit report before showing it to a dealer or lender.

No. 14 Auto Loans - Should You get a New or Used Car?Although a new car generally means a higher loan amount in auto loans, there are many advantages to getting a brand new car.For one, buying a new car is better if you keep it for a long period of time.Buying a new auto also gives you more car models to choose from and you can get the exact kind of car that you want according to your preferences. New cars also have warranties so if something goes wrong, both the car dealer and the manufacturer have more to answer for to you.

No. 15 Used Car Loan - The 'Cons'Thinking of getting a used car loan? Before you select the used car, take these factors into consideration. For one, although used cars are less expensive, you have less cars to choose from. Moreover, although used cars are initially less expensive, they cost more to maintain.Some used cars need repairs that you may not be aware of until you buy the car and that can lead to high repair and maintenance bills. And lastly, although some used cars may come with warranties, they don't usually cover as much as a warranty for a new car.

No. 16 Used Car Loan - The 'Pros'Thinking of getting a used car loan? That may not be such a bad idea especially if you know the original owner of the vehicle you wish to purchase. If you know the owner and know him or her to have taken good care of the car, chances are, the car will not entail so many expenses when it comes to repairs.The number one advantage of getting a used car is of course the discounted price. So if you are really tight on the budget, a used car loan is indeed a great option to have.

No. 17 Used Car Loan - Buy a Used 'Company' Car.If a used car loan is all you can afford, make the best out of it by making a good used car choice.Try to buy a used car that was once a company car, a car that was leased, or a car that was part of a rental company like Hertz or Avis. These used cars are still close to their original condition and may come with a warranty or special certification form the car dealer.

No. 18 Auto Loans - Is it All in the (Car) Name?New or used, popular car brands mean higher auto loans (costs, rates, and all)When buying a car with a brand name, consider its reliability and performance rather than its popularity.There are cars available in the market that may not be as popular but perform just as well as a branded car. Although an older brand name car might be a better deal than a car without a brand name that was used less, an extraordinary car will always cost more to maintain and repair whether it is new or used.

No. 19 Auto Financing Using Online Providers.Getting a good auto financing rate over the Internet although more convenient is not always better.You'll always get a better rate if you meet with an actual seller or dealer.However, the Internet is a good place to do some research on great financing resources (that you can actually go or visit later). These financial sources include your local bank or a credit union. Competitive financing rates are also provided by dealers and manufacturers so look for them on the Internet as well.

No. 20 Auto Loans - Make the Net your New Best Friend.There are so many considerations when it comes to auto loans and the best way to start is to go online. There are many websites on the internet to choose from that provide information on buying a car.These websites not only include specifications about the car but include pricing, reviews, dealer locations, insurance information, financial calculators, and trade in values for old cars as well. Use all this information so that you are better informed when facing a loan agent or officer.

No. 21 Bad Credit Auto Loan - Improve your Credit Score IIITry to improve your credit score before getting a bad credit auto loan as a low credit score translates to high car loan interest rates. One way to improve your credit rate is to try and stay in the same job and in one place for at least six months.This portrays that you are responsible or are more stable and therefore less of a risk for lenders.Of course, having a continuous job is important for you not only because it will be the basis of your auto loan but it is the source of your loan payments.

No. 22 Bad Credit Auto Loan - Improve your Credit Score IVWe all know that our credit score is crucial to getting low interest rates on an auto loan. So instead of getting a bad credit auto loan, why not try and see if you can increase your credit score first?Try using independent credit reporting agencies. Reporting errors in your credit report can take ages but some really good (and reputable) credit report agencies take just 72 hours to fix an error in a credit report.

No. 23 Bad Credit Auto Loan - Improve your Credit Score VYou have studied your credit report and you spotted errors in them and now want to embark on the journey of improving your credit score rather than getting a bad credit auto loan.This is a wise decision but what do you need to do? The first thing is to ensure that you have ALL the documentation that supports your claim that there is an error in your credit report. These can include receipts, invoices, letters, etc.

No. 24 Bad Credit Auto Loan - Improve your Credit Score VDo you really need a bad credit auto loan?If you can wait a bit, see if you can improve your credit first.Remember, bad credit car loans mean high interest rates which may lead to further debt. Create a list outlining your income and where that money is currently going. If you're in deep debt a financial counselor may be required to help you create a sound financial plan that you would need to follow for the succeeding months.

No. 25 Bad Credit Auto Loan - Improve your Credit Score VIDo you have an all-too-familiar last name (e.g., Smith)? If so, your credit report probably has a record or account that does not even belong to you! And if that record is not good, it can pull your credit rate down.Check your credit report first before you start shopping for a bad credit auto loan. Remember, bad credit loans mean higher interest rates so why pay for this ‘error’ in your credit report if you can fix it and get a better auto loan deal?

No. 26 Bad Credit Auto Loan - Improve your Credit Score VIIBefore you go off and get that bad credit auto loan, are you thinking of improving your credit score first? That’s not a bad idea at all as a better credit score means better auto loan interest rates. Here's a tip, if you find an error in your credit report. Send your complaint during the holidays (e.g., Christmas). During this time, the credit bureau is too busy to get into some real investigative reading the 'happy' season makes them more lax in checking.

No. 27 Used Car Loan - Using the InternetBefore you go shopping for a good used car loan lender, shop for your used car. The Internet has a wide selection of new and used cars that are available for sale. Searching for cars on the Internet is easy and convenient.It can be done in your home or office. Websites usually include specific searches by providing them with your ZIP code or providing them with the city where you are looking to buy a used car. You can also find a wide range of information about the used car such as matters with insurance or whether the car has been damaged or recalled.

No. 28 Used Car Loan - Using the Internet IIWe go online for so many things so why not for the second hand car you want to purchase using that used car loan you have in mind? Many people think that used cars need to be viewed in person because they are so unpredictable (i.e., they may have hidden faults). And while this may be true, many used car websites have insurance rates and comparison tables that you can use. Some websites also have links to companies that offer insurance.

No. 29 Shop for Car Loan Rates OnlineYou've heard it before, the key to getting the best car loan rates is to shop around. There are many sources for auto loans that will offer you the lowest rates possible. Places that you can get an auto loan from are banks, credit unions, or other financial institutions. You can research on these institutions on the Internet. Credit unions usually offer rates that are lower than that of banks. Some loans can also be approved even before you know what kind of car you're buying which is very important in most deals.

No. 30 Automobile Financing from Car DealersThe perception is that automobile financing by a car dealer or car manufacturer costs more, but this is not necessarily true. Car dealers and manufacturers may be able to give you the best deal possible. Admittedly, these are 'hard finds' so the best way to get the best deal on auto financing is by comparing different deals that are available to you. The Internet has a wide range of choices for auto financing deals so that would be the best place to start your research.

No. 31 Auto Loans - Look at the Bigger PictureKnowing what kind of a deal you're getting and knowing the 'numbers' involved is an important part of auto loans. When making a deal with dealers and manufacturers, not all numbers are definite. Interest rates and down payments can vary as well as the value of your trade in or the length of your loan. Interest rates on new cars are lower and can be financed over longer terms than used ones. So it is important to look at the bigger picture and not just focus on the lowest interest rates.

No. 32 A Look at Long-Term Auto LoansIt is easy to be tempted by long-term auto loans because then the amount that you pay monthly will also be lower. However, equity will take longer to build up the longer your loan is and so it will take longer for the car to be worth more than you owe on it.Longer-term loans also mean that you will end up paying more in total for the car that you buy. And last but not the least, a long-term auto loan means it will take longer to re-sell the car and pay off the loan.

No. 33 Auto Loans - Ask QuestionsThere is absolutely nothing wrong with asking questions about auto loans when talking to a dealer, broker or loan officer. After all, it is your money that you are spending and you have a right to know everything about where you put your money. And after all is said, agreed upon and signed (only by authorized signatories of the lender!), make sure you that have copies of all documents as well as everything that you signed.

No. 34 Auto Loans - Beware of Dealer ScamsAlways consider the reputation of the car dealer making a 'special offer' on auto loans. This is usually offered to first-time buyers, people who have bad marks on their credit, or senior citizens. Note that these 'special offers' do not mention the fact that they often ask for a large down payment or apply a high interest rate on the auto loan if you don't have good credit. And then, if for any reason you need to sell the car or you get into an accident, you might owe more money than what the car is worth.

No. 35 Bad Credit Auto Loan - Improve your Credit Score VIIIAs part of efforts to get a better bad credit auto loan deal, see if there's absolutely anything you can do to improve your current credit score. First off, why not try and negotiate with your creditors? Statistics show that 9 out of 10 creditors will say ‘ok’ if you only ask them. Don’t be so fast in taking out cash advances in your credit card to settle bills from creditors. For one, most utility bills do not show up in credit reports anyway (unless those utility bills are sent to a collection bureau) so why use your credit card (which DOES show on credit reports) unnecessarily?

No. 36 Auto Loans - Beware of Dealer Scams IIIHere's the truth about auto loans - interest rates are directly related to your credit rate. If your credit score is higher than 680 then you will get an auto loan with a low APR. If you have a credit rate lower than 680, you get a loan with a higher APR. So what's the scam that some dealers do? They lie about your credit rate. They say that you have a low score so that you end up agreeing to a loan with high interest rates. How do you defeat this scam? Get a copy of your credit report!

No. 37 Auto Loans - Beware of Dealer Scams IIUnfortunately, auto dealers can be one of the worst sources for auto loans. Here's a known scam - the "subject to loan approval" trick. Basically, a dealer gives you all the sales hype about this great auto loan deal you get from them. You sign the papers, take the car and drive off. Two weeks later, the dealer calls and says you did NOT qualify for the loan after all (i.e., not approved). So now a new loan scheme is presented to you with outrageous rates. Don't fall for this one, don't go driving off a car when your loan is in limbo.

No. 38 Auto Loans - Beware of Dealer Scams IVFirst, let's get thing one thing straight - there are no 'points' in auto loans like in mortgages. So if the dealer mentions that you need to pay a couple of hundred dollars to, you know... "to lower your APR", the dealer is just plain scamming you. If you think about it for awhile, it is indeed absurd. If you paid cash for the vehicle or came in with your own financing (from another lender), the auto dealer does not generously offer anything like this right?

No. 39 Auto Loans - Beware of Dealer Scams VIf you have a bad credit score, you are probably better off looking for auto loans from a lender other than your car dealer. Auto dealers often pull the "you'll never get an APR lower than this" scam to uninformed bad credit holders. And because you DO have bad credit, you are more susceptible to accepting this seemingly generous offer. If you have bad credit, a quick online search will tell you the exact range of APR you are more likely to get for an auto loan.

No. 40 Bad Credit Auto Loan - Improve your Credit Score IXEven if you are already resigned to the fact that you need a bad credit auto loan, it does not mean that you should not do anything to still improve your credit score. Every good point helps in lowering the auto loan interest rate! ‘Beef up’ your credit report by adding good information to it. You can do this by writing a letter to the credit bureau and giving them information about loans paid on schedule, salary increases at your place of employment, and more.

No. 41 Bad Credit Auto Loan - Online SourcesThere is literally hundreds of financing institutions online offering assistance to bad credit holders. It’s not really surprising; many people have bad credit and by offering loans of higher rates to this demographic, lenders STILL earn a lot. Simply search for one online nearest your area and study a particular lender you like. Check out how big the firm is, how many it’s helped, its history and others. Most online lenders also have handy tools you can use like credit calculators, car buying guides, online loans applications and more.

No. 42 Get a Bad Credit Auto Loan via The BankNeed a bad credit auto loan? Go visit your local bank. The advantage of going to your bank is that more often than not, they already know your credit history. So if you have a bad credit rate simply because you (really) forgot some payment deadlines (and not because you lack the funds), then financing assistance from your bank may be a better deal. Further, banks are known to offer the lowest interest on most auto loans.

No. 43 Get a Bad Credit Auto Loan thru Your Car DealerIs your car dealer offering a hard-to-resist bad credit auto loam? Sure, you can always get a loan from the auto dealer where you want to purchase your car BUT be aware of what you are getting yourself into. Often, you will be sucked in by seemingly low interest rates on auto loans only to find out that you will need to pay longer (more months!) or that the car price is higher than what was posted as the sale price.

No. 44 Bad Credit Auto Loan - Improve your Credit Score XImprove your credit score before you go shopping for a bad credit auto loan. The best way to improve your credit rate is to start paying bills on time. Ask yourself if you can pay the minimum amount required on each bill you are currently getting within 30 days. If you can, then it’s just a matter of adhering to this schedule. If you can’t do this, then you should even rethink about getting an auto loan. Otherwise, you will end up not being able to pay the car loan and risk going into further debt.

No. 45 Bad Credit Auto Loan - Why the Car Dealer is a Good OptionAdmittedly, there are many dealer scams out there. However, it IS possible that the car dealer is offering the best bad credit auto loan deal you've ever come across. This is because dealers benefit from the financing that car manufacturers have in place. Also, don't forget that as car dealers they do get the car at discounted rates from the car manufacturer so they are in a good position to lower the car's sale price and offer good loan rates.

No. 46 The Risks of an Auto Title LoanAn auto title loan is a loan wherein you have to surrender or provide the title to your car as collateral or security for a loan you wish to take. Before you engage in this type of loan, realize that if you do NOT pay on the agreed upon due date of the loan, you face the REAL risk of losing your car. After that, the lender can sell the car for whatever price without giving you any of the proceeds.

No. 47 What is a Refinancing Auto Loan?A refinancing auto loan is when you get a new or second auto loan to pay off your current auto loan. Many of us may have been duped by a lender or car dealer into getting a loan with a high APR. By the time we realize this, we are already committed to paying the loan. But why suffer for long? If you can find a lender that offers a loan at a lower APR, pay off the first lender. You can literally save thousands of dollars with refinancing.

No. 48 The True Costs of a Refinancing Auto LoanTrue, the thought of paying less monthly and the savings this brings drives many people to get a refinancing auto loan. Unfortunately, it is not as easy as that. For one, your current loan has a non-pre-payment clause, meaning you cannot end the loan earlier than the agreed end date. Otherwise, a penalty will be imposed. If this is the case, savings from refinancing auto loans may be greatly reduced so you are not really saving as much as you though you would.

No. 49 No Credit Check Auto Loans - No More Snooping AroundMany people are attracted to ‘no credit check’ auto loans. This is especially true if you have poor credit, bad credit or no credit history at all. If you have no credit history (which is the case for most foreigners) then these auto loans are great avenues for you. For those who have poor or bad credit – true, these loans are great options but be careful; getting a car loan on top of financial difficulties can lead you to further debt.

No. 50 Auto Title Loan - Money for an EmergencyAn auto title loan is a loan wherein you have to surrender or provide the title to your car as collateral or security for a loan you wish to take. The main advantage of auto title loans is that you get cash fast! Because you are providing such collateral, lenders really have nothing to lose and so give you the loan / cash immediately. And if you are in a real cash emergency, these loans can be very handy indeed.

No. 51 No Credit Check Auto Loan LendersJust because a lender is offering ‘no credit check’ auto loans does not mean that he is your new best friend. In fact, be wary of such lenders, they may be trying to reel you in with the convenience of ‘no credit checks’ but then offer you high rates. So the same rules apply – shop around! In the end it all boils down to which lender can provide the best interest rate for the car you like despite you having poor credit, bad credit or no credit history.

No. 52 Pre Approved Auto Loan - Gaining LeverageWhether you do this online or via a bank, getting a pre approved auto loan works to your advantage. For yourself, this ensures that you are ready with the information required for the loan. And when you speak to a lender or loan officer, the fact that you have a pre-approved loan shows that you are well-informed. For a car dealer, this indicates that you cannot be easily scammed; for a loan officer this is seen as a sign of responsibility and will influence your car loan favorably.

No. 53 Pre Approved Auto Loan - Online ApprovalsGetting a pre approved auto loan has great advantages. However, if you plan to do this via an online auto loan lender, proceed with caution. If you are providing personal information, ensure that you are providing them in a secure site. You don’t want to get tons of junk email right? Sometimes, these online lenders are just ‘fronts’ and are just after your email address so they can bombard you with offers and what nots.

No. 54 Beware the Balloon Auto LoanA balloon auto loan is where you only pay the interest of the car loan monthly (i.e., and not the principal amount). At the end of a pre-agreed schedule (e.g., every six months or annually), you then pay a huge lump sum. Many lenders try to sweet talk you by touting the benefits of ‘lower monthly payments’ and then conveniently forgetting that a balloon payment can be difficult. If you opt for a balloon auto loan, ensure that you will have the funds by the due date the lump sum payment is required.

No. 55 When to Agree to a Balloon Auto LoanA balloon auto loan is where you only pay the interest of the car loan monthly (i.e., and not the principal amount). The main advantage is that you get to settle very low monthly car loan payments. If you can guarantee yourself that you can save up the lump sum required during the months you are paying only the interest, then go for such a loan. This is also an option if you can pre-determine a certain amount of money to be yours (e.g., freedom from other loans, a salary bonus, etc.) at the time the balloon payment is required.

No. 56 Auto Loan Down PaymentsOne major variable that you can control when getting an auto loan is the amount of down payment you can make. Making a large down payment will undoubtedly lower the cost of your monthly payments. And so if you are planning ahead and want to get a car at some point in the near future, start saving now for the down payment. Rebates offered by lenders and car dealers are another factor in the overall cost of the car that you should consider.

No. 57 Auto Loan RebatesWhen getting an auto loan, car dealers will try to throw in great rebates. Now, these rebates may sound great but they can actually ‘artificially’ increase the popularity and value of a car and can make the car cost more. And then after a couple of years, when the popularity of the car dies down it will be hard to sell the car for a good price. There are no shortcuts – the best way to know what interest you're paying is still through the annual percentage rate (APR).

No. 58 What is an Auto Title Loan?An auto title loan is a loan wherein you provide the title to your car as collateral or security for a loan you wish to take. The main advantage is that you get cash fast; the main disadvantage is that you can really lose you car if you do not pay the loan on the assigned due date. So before you hand over the rights to your car to a lender, ensure that you will have the means to pay off the loan when it is due.

No. 59 Auto Loan Hidden Charges and PenaltiesIt is very important to know and understand the basics of financing and to ask the dealer or the bank as many questions as you can about your auto loan. You should also check to see if there are any penalties if you pay a loan early or if there is anything else that you might be charged for during the term of the loan. Any hidden charges on your car loan are considered as penalties.

No. 60 Get a Better Auto Loan Deal with Trade-InsOne of factors affecting an auto loan is if you have a car to trade-in. The trade-in value of a car is part and parcel of the dealing process of buying a car. One important tip – do NOT talk about the trade-in price of the car until you have agreed on the price for the new car. The market is what sets the value of your car whether the car is a trade-in or a sale that is made privately. You should always use the trade-in to its maximum value.

No. 61 Auto Loan Deals - It's Bargain Time!The amount you need for an auto loan is directly proportional the price of the car you want to buy. So... bargain hard! Bargaining with a car dealer can bring down the sticker price of a car. Not everyone pays for the sticker price of a car because dealers are always willing to bargain between 10% and 20% of their profit margin. This percentage is usually the difference between the suggested retail price and the invoice price. Either way, both the dealer and the buyer get a good deal.

No. 62 Auto Loan Deals - Break Down those Bewildering NumbersDon’t ever agree to an auto loan or financing arrangement where you are only shown the total or a rough idea of how you ended up paying that way. Knowing the exact price of a car is important since you usually can't return a car once you buy it. Always know the exact price as well as the total amount that is being financed as well as the credit finance charge and annual percentage rate of the car. Knowing the total number of payments you have to make on the car is also very important.

No. 63 Do You Need Credit Insurance for an Auto Loan?A credit insurance is not required by federal law so check your state's requirements if your lender is offering it (or even mentioning that you NEED one before you get a loan). This can be done through the office of your attorney general or insurance commissioner. Make sure to make a comparison and find out exactly what credit insurance will cost if you already have an insurance policy that covers the same thing. Also make sure it's included in the cost of your credit and see where it is reflected in the APR you're paying if you really need to get credit insurance.

No. 64 Thinking of Auto Loans After Bankruptcy?If you've just been discharged from your obligations due to bankruptcy, there are still many lenders out there who are more than willing to offer auto loans after bankruptcy. However, you still need to ensure that you are now of good standing before any lender grants you a car loan. For one, you're credit rate should at least be 525. Also, note that a discharged bankruptcy stays in your credit report for up to 10 years so don’t even think of hiding this fact to a lender.

No. 65 Auto Loans After Bankruptcy - Be True To Your LenderDo you have a bankruptcy discharge in your past? Don’t fret; there are still many lenders out there who are more than willing to offer auto loans after bankruptcy. But be honest about any other new loans you have just availed of after the discharged bankruptcy. For yourself, be aware of these loans and make sure you do not fall into the same trap of not being able to pay your loans because you cannot file for bankruptcy again for at least six years (which is why lenders are eager to give you a loan again).

No. 66 Auto Loans After Bankruptcy - Are YOU Ready?There are many lenders out there who are more than willing to offer people auto loans after bankruptcy. But are you really ready for a car loan now? Here’s how to know - when the car loan is calculated, the payments cannot be over 20% your of monthly income. Another ‘rule’ is that the overall car financing amount cannot be over 8 times your monthly income. If you cannot meet these parameters then you may not be ready for an auto loan just yet.

No. 67 Auto Loan Calculator - Why Use ItAn auto loan calculator is a very handy tool to use because it helps you figure out instantly if you can afford to purchase the car of your choice. You don’t need to buy these handy calculators, just go online. Many lenders have this feature on their sites. If you find out that you cannot afford the car you like, then you can go and shop for another vehicle before you go to your bank or lender for financing assistance.

No. 68 Auto Loan Calculator - Find Out How Much You Need to Pay MonthlyThere are many types of an online auto loan calculator but the most popular is the one that computes for your monthly payments. Make sure you have the following information:vehicle loan amount (i.e., the amount of money you wish to borrow from a lender to finance your Car)

Type in the above information in the corresponding fields in the calculator and then click Calculate. So, can you afford these monthly auto loan payments?

No. 69 Auto Loan Calculator - Ease Anxieties AwayAdmit it or not, most people are not really fully aware of their own money matters and this makes them quite apprehensive about approaching other people to ask information about a car loan. With an online auto loan calculator, you can find out the basic information required and that can start you off in your loan information gathering mode. Once you have the data and the result of your calculations, you can now face a lender or loan officer with more confidence.

No. 70 Common Auto Loan Calculator TermsUsing an online auto loan calculator is great but you won’t get anywhere without knowing these loan terms (the values of which are the data you need for the loan calculation).APR(Annual Percentage Rate) - the yearly cost of your car loan, including interest, insurance, and the origination fee.Down payment – cash you have in hand to serve as an up front payment for the vehicle. The amount will be deducted from the vehicle car price thereby reducing the amount of the auto loan.Interest rate - the fee charged by the lender financing your loan for the use of his/her money, usually expressed as an annual percentage of the principal amount

No. 71 Pre Approved Auto Loan - Understanding Debt-to-Income RatioIf you want to get pre approved for an auto loan, it is important to note that most lenders will compute your debt-to-income ratio to find out if you are capable of settling your loan. Not sure what your debt-to-income ratio is? Add your total net monthly income and then add your monthly debt obligations (e.g., credit card bills, other loan payments, etc.). Divide your total monthly debt obligations by your total monthly income. This is your total debt-to-income ratio.

No. 72 Pre Approved Auto Loan - Is Your Debt-to-Income Ratio Cause for Concern?If you want to get pre approved for an auto loan, it is important to note that most lenders will compute your debt-to-income ratio to find out if you are a high or low risk. Divide your total monthly debt obligations by your total monthly income to get your total debt-to-income ratio. A 0.36 score should cause some concern. The lower your score is the better; scores above 0.36 may cause an increase in the interest rate or the down payment on the car loan you are applying for.

No. 73 Auto Loans - In The Broker We TrustYou can search online all you want and calculate for auto loans many times over, but sometimes you really just have to talk to somebody who knows better. A car loan broker is knowledgeable about the services, programs, and rates of lenders across the country. As such, he is a great resource if you can’t make heads or tails of all the fancy loan financing terms and marketing schemes of lenders. So go ahead, give a loan broker a call. It may cost a bit but it will be worth getting all your questions answered.

No. 74 Auto Loans - In The Broker We Trust IIBy now, you know that the auto loans broker is a wealth of car lending knowledge. More than this, a broker works according to your specific needs. He can analyze your financial situation, review your credit history and provide advice on areas you may need to work on to get that loan. So really, a broker does not only provide useful loan information but he can lead you in the right direction to get the best loan deals.

No. 75 Auto Loans - In The Broker We Trust IIITake advantage of your auto loans broker. A broker has a wide network of contacts so he can easily point you out to the lender with the most favorable loan options that suit your needs. But do proceed with caution – ask him WHY he is recommending this or that lender and why exactly are those loan terms attractive. Sometimes, a broker recommends lenders where he gets a commission regardless of whether the lender is really good or not.

Related Posts by Categories

4
Feedback:

We have just added your latest post "75 Best Car & Auto Loan Tips For You" to our Directory of Auto Loan . You can check the inclusion of the post here . We are delighted to invite you to submit all your future posts to the directory and get a huge base of visitors to your website.